Mizuho Securities analyst Vijay Rakesh reiterated a Buy rating on Allegro MicroSystems (ALGM) today and set a price target of $38.00. The company’s shares closed last Wednesday at $25.30.
According to TipRanks.com, Rakesh is a 5-star analyst with an average return of 24.6% and a 66.6% success rate. Rakesh covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Skyworks Solutions, and NXP Semiconductors.
Currently, the analyst consensus on Allegro MicroSystems is a Strong Buy with an average price target of $36.33, representing a 49.5% upside. In a report issued on April 29, Needham also reiterated a Buy rating on the stock with a $35.00 price target.
See today’s analyst top recommended stocks >>
Allegro MicroSystems’ market cap is currently $4.57B and has a P/E ratio of 292.10. The company has a Price to Book ratio of 9.01.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALGM in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Allegro Microsystems Inc is a global designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the important emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor ICs enable customers to precisely measure motion, speed, position and current, while its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE that include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE that include Regulators, ClearPower Modules, and LED Drivers; and DRIVE that includes BLDC Drivers, Brush DC and Stepper Drivers.
